cryptodonovan

NEO/USDT Bullish Retrace / Reentry idea 4HR

Long
BINANCE:NEOUSDT   NEO / TetherUS
How far is BTC / the Alts going to retrace? that's the trillion $ question.
Looking at NEO's chart, which (unlike some other large cap alts) does not look like a carbon copy of ETH, I've spotted a potential inverse H&S forming on the 4HR, which lines up with the .5 fib level.

Admittedly, this may be a bit premature - that wick down from the rising wedge may end being just that - a nasty wick - and we could see a continuation within the pattern. But if the overall market retrace continues, you can expect NEO follow suit, and if you're still bullish on the higher TF, this may be a good reentry point.

Remember to let volume be your guide. Previous red candles that have a spike in volume can signify a reversal* . So keep an eye out for that as an indicator to support (or invalidate) this idea.

happy trades,
CD

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